Just when it seemed things were getting back to normal...  By the end of the year the criteria used to determine a home loan applicants ability to obtain a mortgage will tighten.  Both Fannie Mae and Freddie Mac the two largest agencys mandating loan criteria along with FHA, (Federal Housing Administration) will phase in more stringent debt to income criteria, meaning borrowers will qualify for a lessor lending amount than they do now.  I would also count on the probability that as agency loans tighten standards so will portfollio lenders.

Important yes.  If home buyers are unaware and they are already set on the todays criteria with a sales price, loan product, and lending amount, they may be in for a rude awakening as we adopt these new rules. 

If you are a real estate professional, I would urge you to make sure that if any of your clients are getting ready to purchase or refinance they talk to their lending sources.  Make sure your clients are up to date on the changes slated just a couple of months away.